<strong>Sparinvest</strong> <strong>SICAV</strong> SPARINVEST - HIGH YIELD VALUE BONDS Statistics Total Net Asset Value NAV per share at the end of the year EUR Class EUR R Class EUR UKR Class EUR E Class EUR I Class EUR UKI DKK GBP 76 Class DKK R Class GBP UKI Class GBP UKR December 31, <strong>2009</strong> EUR 355,724,423.25 118.76 - 117.14 121.57 32.78 883.72 - 95.97 December 31, 2008 EUR 198,444,758.01 65.90 - 65.56 66.99 61.20 490.89 - 59.67 December 31, 2007 EUR 311,853,063.43 104.81 99.58 104.75 105.86 100.50 781.57 73.48 72.80
<strong>Sparinvest</strong> <strong>SICAV</strong> SPARINVEST - HIGH YIELD VALUE BONDS Statement of Investments as at December 31, <strong>2009</strong> (expressed in EUR) Description Transferable securities admitted to an official stock exchange listing Bonds Face value Currency Cost Market Value % net assets EUR AGCO 6.875% 04-15.04.14 3,903,456.83 EUR 3,783,564.95 3,830,267.02 1.08 AMERIC INTL 8% (TV) 08-22.05.38 REGS 4,879,321.04 EUR 1,576,020.70 3,041,755.85 0.86 BARCLAYS BK 7.5% 00-PERP 9,758,642.08 EUR 6,308,395.16 9,429,096.15 2.65 BOATS INV.11% 07-31.03.17/PIK 4,684,148.20 EUR 4,273,253.89 5,596,296.01 1.57 CCBP 9.25% 09-PERP 3,903,456.83 EUR 3,727,313.34 3,591,180.29 1.01 CEDCFC 8.875% 09-01.12.16 REGS 2,439,660.52 EUR 2,424,071.09 2,451,858.82 0.69 C10 CAP SPV 6.277% (TV) 07-09.05.49 22,884,015.68 EUR 13,360,556.87 15,260,777.95 4.28 EDCON HLDGS FRN 07-15.06.15 REGS 16,687,277.96 EUR 10,466,448.59 8,613,555.70 2.42 EDCON PROP.TV 07-15.06.14 REGS 2,927,592.62 EUR 2,551,955.11 1,871,873.45 0.53 FORTIS BK 6.5% 01-PERP 22,152,117.52 EUR 12,728,114.82 20,379,948.12 5.72 HVB FDG TR 7.055% 02-PERP 3,871,253.31 EUR 2,439,287.79 3,130,876.12 0.88 HYBRID RAISING 6.625% 04-PERP 3,757,077.20 EUR 2,179,104.78 469,634.65 0.13 LLOYDS TSB CAP 1 7.375% 00-PERP 12,442,268.65 EUR 7,717,134.16 11,260,253.13 3.17 NORSKE SKOGIND 7% 07-26.06.17 11,368,818.02 EUR 7,013,136.47 7,653,650.75 2.15 NXP B V 10% 09-15.07.13 REGS 2,683,626.57 EUR 1,951,728.42 2,629,954.04 0.74 ROYAL CARIBB. 5.625% 07-27.01.14 REGS 2,683,626.57 EUR 2,141,746.08 2,336,991.93 0.66 ROY.BK SCOT. 7.0916% (TV) 07-PERP 10,929,679.13 EUR 3,287,350.89 5,319,146.94 1.50 SG CAP TR 7.875% 00-PERP 4,879,321.04 EUR 4,420,090.82 4,757,338.01 1.34 THOMSON 5.75% (TV) 05-PERP 13,979,254.78 EUR 6,776,594.09 1,467,821.75 0.41 99,125,868.02 113,092,276.68 31.79 GBP RBS 7.387% 00-PERP/FLAT 3,292,565.84 GBP 3,210,896.49 3,189,045.24 0.90 3,210,896.49 3,189,045.24 0.90 NOK DDI HOLDING 10% 06-15.03.12 39,034,568.32 NOK 4,669,226.62 4,236,267.16 1.19 NORECO 12.9% 09-20.11.14 125,886,482.82 NOK 15,054,235.43 15,212,719.79 4.27 ROCKSOURCE ASA FRN 07-04.05.12 18,053,487.85 NOK 2,259,615.71 1,632,727.97 0.46 SEVAN MARINE FRN 07-24.10.12 81,972,593.46 NOK 7,517,451.96 8,698,468.58 2.45 29,500,529.72 29,780,183.50 8.37 USD AIG FRN 09-15.15.58 4,879,321.04 USD 1,263,432.45 2,221,268.34 0.62 ALLIS CHALMERS 8.5% 07-01.03.17 7,806,913.66 USD 3,798,083.26 4,678,693.70 1.32 ALLIS-CHALMERS EN. 9% 06-15.01.14 8,534,908.36 USD 5,024,150.41 5,611,794.27 1.58 BERTIN 10.25% 06-05.10.16 REGS 7,440,964.59 USD 5,311,907.90 5,280,657.56 1.48 BRIGHAM EXPL. 9.625% 06-01.05.14 5,269,666.72 USD 2,672,539.21 3,648,414.15 1.03 DDI HOLDING AS 9.3% 06-19.01.12 22,462,691.18 USD 11,589,671.21 14,692,223.99 4.14 DDI HOLDING 9.3% 06-26.04.12 8,176,626.65 USD 4,756,211.22 5,348,104.96 1.50 DIDON TUNISIA FRN 07-13.03.12 2,439,660.52 USD 1,423,895.35 1,459,484.49 0.41 DILLARD DS 9.125% 91-01.08.11 9,758,642.08 USD 5,769,440.82 6,617,121.88 1.86 DILLARD 7.875% 93-01.01.23 975,864.21 USD 448,531.37 533,036.50 0.15 DILLARDS INC 7% 98-01.12.28 1,868,779.96 USD 782,077.23 955,748.03 0.27 DILLARDS INC 7.75% 97-15.05.27 975,864.21 USD 422,975.20 512,665.68 0.14 The accompanying notes form an integral part of these financial statements. 77
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